Listed Funds Trust Horizon Kinetics SPAC Active ETF (SPAQ US)
SPAQ US$92.36
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Share price activity
Displays share price activity. Volume = number of shares traded, Turnover = value of shares traded, VWAP = volume-weighted average price for the day, sourced from Morningstar.
- Last (Price)
- 92.36
- Change
- ▼ -0.02 (-0.02)
- Bid / Ask
- 58.08 - 136.28
- Volume
- 2
- Turnover
- 9,266
- Open
- 93.24
- Day Range
- 93.24 - 93.24
- VWAP
- 92.66
- Prev Close
- 92.38
- Last Trade
- 29/10 4:00pm
Fund profile
Displays who issues the fund, how it is structured and invests, its Morningstar category and benchmark, size, headline costs and dates, sourced from Morningstar. Fund size counts every class of the fund; ETF net assets is this listing alone.
Fund size
$10.0M
OCT 2026
Distributions
Annually
Since inception
3.8 yrs
JAN 2023
- Legal name
- Horizon Kinetics SPAC Active ETF
- Issuer
- Horizon Kinetics
- Type
- Exchange-Traded Fund
- Structure
- Open Ended Investment Company
- Management style
- Actively managed
- Morningstar category
- Financial
- Category index
- Morningstar US Fin Svc TR USD
- Benchmark
- S&P 500 (TR) (1970)
- ETF net assets
- $10.0M
- Units on issue
- 107,484
- Management fee
- 0.85% p.a.
- Domicile
- United States
- Base currency
- USD
- Inception
- 27 JAN 2023
- Listed
- 30 JAN 2023
- Index provider
- Standard and Poors
Objective and strategy
The investment seeks to generate realized capital gains in excess of short-term interest rates on a risk adjusted basis. The fund is an actively-managed exchange-traded fund that pursues its investment objective primarily by investing, under normal circumstances, in special purpose acquisition companies (“SPACs”) that, the fund’s investment sub-adviser, believes will generate net realized capital gains in excess of the income derived from bank certificates of deposit with similar maturities. The fund is non-diversified.
Asset allocation
Displays how the fund is split between shares, bonds, cash and other assets, sourced from Morningstar.
US equity 97.26%Non-US equity 2.15%
| Asset class | Net % | Long % | Short % |
|---|---|---|---|
| Equity | 99.41 | 99.41 | 0.00 |
| Bond | 0.08 | 0.08 | 0.00 |
| Cash | 0.56 | 0.56 | 0.00 |
| Other | -0.05 | 0.00 | 0.05 |
Sector exposure
Displays the share of the fund held in each sector, sourced from Morningstar.
Cyclical 100.00%Sensitive 0.00%Defensive 0.00%
- Basic Materials
- 0.00%
- Consumer Cyclical
- 0.00%
- Financial Services
- 100.00%
- Real Estate
- 0.00%
- Communication Services
- 0.00%
- Energy
- 0.00%
- Industrials
- 0.00%
- Technology
- 0.00%
- Consumer Defensive
- 0.00%
- Healthcare
- 0.00%
- Utilities
- 0.00%
Region exposure
Displays the share of the fund held in each region, sourced from Morningstar.
Developed markets 100.00%Emerging markets 0.00%
- North America
- 97.84%
- Latin America
- 0.00%
- United Kingdom
- 2.16%
- Europe Developed
- 0.00%
- Europe Emerging
- 0.00%
- Africa / Middle East
- 0.00%
- Japan
- 0.00%
- Australasia
- 0.00%
- Asia Developed
- 0.00%
- Asia Emerging
- 0.00%
Country exposure
Displays the twelve countries the fund holds most of, sourced from Morningstar.
- United States
- 97.84%
- United Kingdom
- 2.16%
Market capitalisation
Displays the share of the fund's shareholdings in giant, large, mid, small and micro cap companies, sourced from Morningstar.
- Giant
- 0.00%
- Large
- 0.00%
- Mid
- 0.00%
- Small
- 0.00%
- Micro
- 100.00%
Micro 100%
- Average market cap
- $299.2M
- Number of holdings
- 63
- Shares held
- 60
Portfolio statistics · 21 OCT 2026
Displays the valuation, yield, size, concentration and quality of the fund's shareholdings taken together (trailing twelve months), sourced from Morningstar.
- Assets in top 10
- 42.87%
Top holdings · top 10 = 42.81% of assets
Displays the fund's ten largest holdings and their weight in the portfolio, sourced from Morningstar.
| Holding | % Weight | First bought | Market value | Currency | Units held | Sector | Country | |
|---|---|---|---|---|---|---|---|---|
| Oaktree Acquisition Corp III Life Sciences Class A Ordinary shares OACC | 5.37 | FEB 2026 | 538,065 | USD | 50,006 | Financial Services | United States | |
| NewHold Investment Corp IV Class A NHIV | 4.51 | JUL 2026 | 452,250 | USD | 45,000 | Financial Services | United States | |
| Viking Acquisition Corp II Class A VII | 4.29 | AUG 2026 | 430,352 | USD | 43,824 | Financial Services | United States | |
| Evolution Global Acquisition Corp Class A ordinary shares EVOX | 4.22 | FEB 2026 | 422,928 | USD | 41,750 | Financial Services | United States | |
| Cantor Equity Partners V Inc Ordinary Shares - Class A CEPV | 4.11 | FEB 2026 | 412,000 | USD | 40,000 | Financial Services | United States | |
| Willow Lane Acquisition Corp II Class A - Ordinary Shares WLII | 4.10 | APR 2026 | 411,200 | USD | 40,000 | Financial Services | United States | |
| OTG Acquisition Corp I Class A OTGA | 4.10 | FEB 2026 | 410,800 | USD | 40,000 | Financial Services | United States | |
| Metals Acquisition Corp II Class A - Ordinary shares MTAL | 4.06 | APR 2026 | 406,790 | USD | 39,999 | Financial Services | United States | |
| Dynamix Corp Class A ordinary Shares DYNC | 4.02 | JUN 2026 | 403,300 | USD | 37,000 | Financial Services | United States | |
| Space Asset Acquisition Corp Ordinary shares- Class A SAAQ | 4.01 | APR 2026 | 401,990 | USD | 39,999 | Financial Services | United States |
Trailing returns · 30 SEP 2026
Displays total returns after fees at net asset value, the return at the ASX market price, the return before fees, and where the fund ranks among funds in its Morningstar category, sourced from Morningstar.
Fund (NAV) Market price
1M
-0.6
3M
-0.7
6M
1.9
YTD
1.7
1Y
3.0
3Y
5.2
| Period | Fund (NAV) % | Market price % | Before fees % | Rank in category |
|---|---|---|---|---|
| 1 month | -0.58 | -0.63 | -0.51 | 2 / 102 |
| 3 months | -0.65 | -0.53 | -0.44 | 41 / 97 |
| 6 months | 1.91 | 2.67 | 2.35 | 92 / 94 |
| Year to date | 1.71 | 2.58 | 2.36 | 39 / 94 |
| 1 year | 3.04 | 2.57 | 3.92 | 44 / 93 |
| 3 years p.a. | 5.24 | 4.34 | 6.13 | 93 / 89 |
Returns to 30 SEP 2026, periods of 3 years and longer annualised. Rank is the percentile in the Morningstar category at 30 SEP 2026 (1 = best) over the funds ranked.
Calendar year returns
Displays the total return after fees and the capital (price) return for each calendar year, with the fund's rank in its Morningstar category, sourced from Morningstar.
Total Capital
2024
4.3
2025
8.9
| Year | Total % | Capital % | Rank in category |
|---|---|---|---|
| 2025 | 8.85 | -5.83 | 63 / 99 |
| 2024 | 4.27 | 1.22 | 26 / 99 |
Risk statistics · 30 SEP 2026
Displays how the fund has moved relative to its category index: alpha (return beyond the index), beta (sensitivity to it), R-squared (how much the index explains), volatility and risk-adjusted returns, sourced from Morningstar.
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Alpha | -1.87 | -0.12 | — | — |
| Beta | 0.09 | 0.05 | — | — |
| R-squared | 21.46 | 6.36 | — | — |
| Standard deviation | 2.63 | 2.15 | — | — |
| Sharpe ratio | -0.30 | 0.28 | — | — |
| Sortino ratio | -0.43 | 0.48 | — | — |
| Tracking error | 13.19 | 11.65 | — | — |
| Information ratio | -1.04 | -1.42 | — | — |
| Upside capture % | 14.12 | 14.15 | — | — |
| Downside capture % | 6.04 | -13.12 | — | — |
| Maximum drawdown % | -0.77 | -0.77 | — | — |
Measured against MSCI ACWI NR USD with USTREAS T-Bill Auction Ave 3 Mon as the risk-free rate, to 30 SEP 2026. Maximum drawdown is on gross returns at the latest quarter end.
Portfolio risk score
Displays Morningstar's Portfolio Risk Score for the fund's holdings, how closely the ETF tracks its index day to day, the estimated cost of holding it against the index, the cost of trading it at market size, and its best and worst quarters since inception, sourced from Morningstar.
Risk score
89.7
Cash 0
Global shares 100
Morningstar Portfolio Risk Score at 30 SEP 2026.
- Market impact cost %
- 2.595
- Best quarter
- 4.23% · JUN 2025
- Worst quarter
- 0.02% · MAR 2026
Fees and costs
Displays the fund's ongoing costs as a percentage of assets per year: the PDS management fees and costs, performance fee and transaction costs that make up the total cost ratio (the RG 97 forward estimate, and what was charged last financial year), and the buy / sell spread, sourced from Morningstar.
- Management fees and costs
- 0.85% p.a.
- PDS dated
- 30 APR 2026
Distributions
Displays the most recent distribution paid per unit and its key dates, sourced from Morningstar.
- Latest distribution
- 14.4099
- Ex Date
- 23 DEC 2025
- Record Date
- 23 DEC 2025
- Pay Date
- 24 DEC 2025
- NAV at ex date
- 91.59
Distributions by year
Displays the total distributions paid per unit in each calendar year, sourced from Morningstar.
2024
14.4
2023
3.0
2022
2.5
| Year | Per unit ($) |
|---|---|
| 2024 | 14.4099 |
| 2023 | 2.9518 |
| 2022 | 2.5298 |
Distribution history
Displays the most recent distributions by ex date, sourced from Morningstar.
| Ex Date | Per unit ($) |
|---|---|
| 23 DEC 2025 | 14.4099 |
| 24 DEC 2024 | 2.9518 |
| 27 DEC 2023 | 2.5298 |
Sustainability rating · 31 AUG 2026
Displays the Morningstar Sustainability Rating (1 to 5 globes, more is better) and the portfolio ESG risk score behind it (lower is less risk), against the average of the fund's global category, sourced from Morningstar and Sustainalytics.
- Portfolio covered
- 0.0%
Carbon · 31 AUG 2026
Displays the portfolio carbon risk score (lower is less exposure to the transition to a low-carbon economy), the share of the portfolio in companies with fossil fuel revenue, and whether the fund earns Morningstar's Low Carbon Designation, sourced from Morningstar and Sustainalytics.
- Category average
- 2.49%
- Portfolio covered
- 0.0%
Fund managers
Displays the people Morningstar lists as managers of the fund, sourced from Morningstar.
- Andrew Dakos
- Rajeev Das
- Phillip Goldstein
Tenure
Displays how long the managers have run the fund: the average and longest tenure, who has served longest, the latest appointment and how many other funds the team manages, sourced from Morningstar.
- Number of managers
- 3
- Average tenure
- 3.8 years
- Longest tenure
- 3.8 years
- Longest serving
- Andrew Dakos, Rajeev Das, Phillip Goldstein · since 27 JAN 2023
- Most recent appointment
- Andrew Dakos, Rajeev Das, Phillip Goldstein · since 27 JAN 2023
- Managed since
- 27 JAN 2023
- Other funds managed
- 2
Displays all company announcements released by the company to the exchange, sourced from Morningstar.
Announcements
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